Supplementary Balance Sheet Information

The composition of property, plant and equipment, including capital lease assets, follows (in thousands):



	July 31,
	2017			2016
Land and land improvements	$	553,655		$	440,300
Buildings and building improvements	1,210,864			1,025,515
Machinery and equipment	987,080			866,008
Furniture and fixtures	280,292			284,959
Software	108,048			103,754
Vehicles	59,596			58,159
Construction in progress	49,359			39,396
Gross property, plant and equipment	3,248,894			2,818,091
Accumulated depreciation	(1,534,740		)	(1,454,277		)
Property, plant and equipment, net	$	1,714,154		$	1,363,814

During the year ended July 31, 2016, the Company recorded the disposal of gross property, plant and equipment of $67.4 million from prior years, which had been fully depreciated resulting in a corresponding reduction to accumulated depreciation and no net effect to the net carrying value of Property, plant and equipment, net. Depreciation expense, which included depreciation of assets recorded under capital leases, for the years ended July 31, 2017, 2016 and 2015 totaled $180.8 million, $156.8 million and $144.0 million, respectively.

The following table shows the composition of property, plant and equipment recorded under capital leases as of July 31, 2017 and 2016 (in thousands):



	July 31,
	2017			2016
Land	$	31,818		$	31,818
Land improvements	49,228			49,228
Buildings and building improvements	42,910			42,910
Machinery and equipment	61,156			61,175
Gross property, plant and equipment	185,112			185,131
Accumulated depreciation	(37,000		)	(27,110		)
Property, plant and equipment, net	$	148,112		$	158,021

The composition of goodwill and intangible assets follows (in thousands):



	July 31,
	2017			2016
Goodwill
Goodwill	$	1,537,097		$	526,391
Accumulated amortization	(17,354		)	(17,354		)
Goodwill, net	$	1,519,743		$	509,037

Indefinite-lived intangible assets
Trademarks	$	216,923		$	67,705
Other	41,275			37,548
Total gross indefinite-lived intangible assets	258,198			105,253
Accumulated amortization	(24,713		)	(24,713		)
Indefinite-lived intangible assets, net	233,485			80,540
Amortizable intangible assets
Trademarks	39,071			37,635
Other	49,804			41,889
Total gross amortizable intangible assets	88,875			79,524
Accumulated amortization	(27,428		)	(20,057		)
Amortizable intangible assets, net	61,447			59,467
Total gross intangible assets	347,073			184,777
Total accumulated amortization	(52,141		)	(44,770		)
Total intangible assets, net	$	294,932		$	140,007

During the year ended July 31, 2016, the Company recorded the disposal of gross amortizable intangible assets of $39.4 million from prior years, which had been fully amortized resulting in a corresponding reduction to accumulated amortization and no net effect to the net carrying value of intangible assets, net. Amortization expense for intangible assets subject to amortization for the years ended July 31, 2017, 2016 and 2015 totaled $8.3 million, $4.7 million and $5.1 million, respectively, and is estimated to be approximately $3.0 million annually, on average, for the next five fiscal years.

The changes in the net carrying amount of goodwill allocated between the Company’s segments for the years ended July 31, 2017 and 2016 are as follows (in thousands):



	Mountain		Lodging		Goodwill, net
Balance at July 31, 2015	$	432,534	$	67,899	$	500,433
Acquisitions	7,400		—		7,400
Effects of changes in foreign currency exchange rates	1,204		—		1,204
Balance at July 31, 2016	441,138		67,899		509,037
Acquisition	956,739		—		956,739
Effects of changes in foreign currency exchange rates	53,967		—		53,967
Balance at July 31, 2017	$	1,451,844	$	67,899	$	1,519,743

The composition of accounts payable and accrued liabilities follows (in thousands):



	July 31,
	2017		2016
Trade payables	$	71,558	$	72,658
Deferred revenue	240,096		182,506
Accrued salaries, wages and deferred compensation	44,869		43,086
Accrued benefits	32,505		29,175
Deposits	23,742		23,307
Other accruals	54,899		46,756
Total accounts payable and accrued liabilities	$	467,669	$	397,488

The composition of other long-term liabilities follows (in thousands):



	July 31,
	2017		2016
Private club deferred initiation fee revenue	$	118,417	$	121,750
Unfavorable lease obligation, net	24,664		27,322
Other long-term liabilities	158,655		121,096
Total other long-term liabilities	$	301,736	$	270,168